Top News
Verizon Puts Space at Manhattan’s Penn 2 Office on Sublease Market
Commercial Real Estate Direct Staff Report Verizon Communications Inc., which last year signed for 203,000 square feet at the 1.62 million-square-foot Penn 2 office building in Midtown Manhattan, has decided against building out its space and instead is looking to...
Pace of CMBS Special Servicing Transfers Slowed in April, But Volume Still Grew
Last month, $1.83 billion of CMBS loans transferred to special servicing, according to Trepp Inc. That was the smallest volume of transfers since the end of last year. But special servicers didn't keep pace in their workouts, as $1.2 billion...
Crown Properties Buys Herndon, Va., Office Building for $28Mln
Washington Business Journal Crown Properties has paid $28 million, or $145.08/sf, for Monument III, a 193,000‑square‑foot office building in Herndon, Va. The New York investor purchased the 13‑story property from Santander Bank, which took control of it two years ago...
Macerich Buys Annapolis Mall for $260Mln
Baltimore Business Journal Macerich Co. has acquired the 1.5 million‑square‑foot Annapolis Mall in Annapolis, Md., for $260 million, or $173.33/sf. The Santa Monica, Calif., REIT bought the enclosed mall from a venture led by Centennial, a unit of Lincoln Property...
Northwind Lends $401Mln Against Palm Beach Gardens, Fla., Condo Property
Northwind Group has provided $401 million of mortgage financing for the Ritz-Carlton Residences Palm Beach Gardens, a 106-unit residential property that Catalfumo Cos. is developing in Palm Beach Gardens, Fla. The loan, arranged by Berkadia, is backed by the units...
S3 Capital Raises $1.32Bln for Latest Construction-Lending Fund
S3 Capital has completed capital raising efforts for its latest debt fund, S3 LP RE Credit Fund III. The New York investment manager raised a total of $1.32 billion, with $465 million of that through a co-investment vehicle. The...
RPM Living Buys 2-Year-Old Residential Property in Miami for $151.4Mln
The Real Deal RPM Living has paid $151.4 million, or $398,421/unit, for Biscayne Shores, a 380‑unit residential complex in Miami. The Austin, Texas, multifamily investor acquired the property from a venture of Integra Investments, Korgeous Group, and DCL Capital....
Koch Subsidiary to Move HQ Back to Atlanta-Area
Atlanta Business Chronicle Infor is leasing 82,000 square feet of office space at Campus 244, a nearly 13-acre mixed-use development in the Atlanta suburb of Dunwoody, Ga. The software provider, a subsidiary of Koch Inc., is relocating its headquarters...
Vornado Ready to Go Alone on 350 Park Ave. Redevelopment
Commercial Real Estate Direct Staff Report Vornado Realty Trust's plans to redevelop its 585,000-square-foot office building at 350 Park Ave. in Midtown Manhattan into a 1.7 million-sf structure that would house Citadel Enterprises Americas' headquarters hit a stumbling block...
Trepp Connect: The Haves and Have-Nots in CRE
Commercial Real Estate Direct Staff Report The commercial real estate sector has become increasingly bifurcated. Class-A properties, even offices, are doing quite well. Others: not so much. That was the meat of the discussion at the Bifurcation and Recovery...
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Commercial Real Estate Direct is the only source -- in print or otherwise -- that keeps close tabs on the entire real estate capital markets industry. It provides up-to-date market intelligence on the mortgage business, equity raising, investment sales and CMBS.
